Major US Financials Cracking: CDS Rerack
As financial equities are underperforming so we are also seeing the major US banks widening in CDS land - closer and closer to record wides in the case of BofA and GS. Their credit curves are also inverting further as equity catches up to recent weakness.
BofA is almost at record wides from early October 2011 - well ahead of 2008/9. GS also looks close to recent peaks though still below previous peaks for now. Goldman is 160bps wider since the start of November!
JPM +6 to 179bps
BofA +17 to 456bps
GS +14 to 410bps
MS +10 to 516bps
WFC +3 to 175bps
C +13 to 315bps